KUALA LUMPUR, Sept 26 (NNN-BERNAMA) – Finance ministers of Asia-Pacific Economic Cooperation (APEC) met virtually yesterday to share and exchange ideas on fiscal and monetary interventions, to mitigate the economic impact of the COVID-19 pandemic, as well as, to build a more resilient economy.
Malaysian Finance Minister, Tengku Zafrul Tengku Abdul Aziz, who chaired the meeting, said, APEC members have worked together as a region and should continue to do so with a compassionate, coherent and comprehensive response, as well as, a shared sense of responsibility.
“As the pandemic threatens to overwhelm healthcare and economic systems around the world, APEC member economies have responded with a wide range of measures to address the impact of the pandemic,” he said in the opening remarks.
Following a fruitful discussion, the delegates issued a joint Ministerial Statement, which provides an insight into how APEC collectively responded to COVID-19 through fiscal and monetary measures, aimed at supporting the lives and livelihood of the people, as well as, businesses in the APEC economies.
APEC also recognises the critical role of digitalisation in ensuring financial integration and inclusion, as well as, the need for financial preparedness via disaster risk financing and insurance.
The meeting was attended by representatives from finance ministries, central banks and financial regulators of APEC as well as international organisations, being organised in a virtual format for the first time.
APEC is a regional economic forum established in 1989, to leverage the growing interdependence of the Asia-Pacific. APEC’s 21 members aim to create greater prosperity for the people of the region, by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.– NNN-BERNAMA